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UPDATE: Boston Properties Acknowledges Possible $2B-Plus Sale

NEW YORK CITY-At the close of business Thursday, the REIT confirms reports that two assets here could sell for more than $2 billion. GlobeSt.com previously reported that the sites in play could be 5 Times Square Tower and 280 Park Ave.

By Barbara Jarvie | Updated on March 30, 2006

NEW YORK CITY- As previously reported by GlobeSt.com , Boston Properties says it is in discussions regarding the possible sale of two of its core office properties here. The REIT anticipates that these properties could generate gross sale proceeds in excess of $2 billion.

Sources previously told GlobeSt.com that the most likely sites are 280 Park Ave. and 5 Times Square Tower. Boston Properties expects that it would distribute at least the amount of proceeds necessary to avoid paying a corporate level tax on the applicable gains realized from the sale of the assets, estimated to be in excess of $1 billion. The company intends to use the remaining net proceeds to fund development opportunities or asset acquisitions, reduce outstanding indebtedness, repurchase shares of common stock, declare a special dividend or retain cash for future investment opportunities.

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